The XRP Target Could Be $15 If This Pattern Occurs, Analyst Says

An analyst explained why XRP could reach the target of $15 if this model is the dominant model for the latest price breakout. XRP has traded inside a symmetrical triangle previously. In a recent post on X, analyst Ali Martinez discussed the next direction for XRP based on the technical analysis model (TA). The model being referred to is the Symmetrical Triangle, which forms when an asset consolidates between two trend lines that approach each other with nearly equal and opposing slopes. The top line of the triangle connects the lower consecutive peaks in price, and the bottom line connects the higher bottoms. Like other TA consolidation patterns, the preceding trend line can provide resistance during a retest, while the latter supports. A breakout from either of these lines could imply the continuation of the trend in that direction. Naturally, a breakout above the triangle is bullish, while a breakdown below it is bearish. When the price consolidates within a symmetrical triangle, its range will gradually narrow over time, until it shrinks to a point at the apex. Therefore, as the asset moves toward the end of the triangle, it may be more likely to find a breakout. The symmetrical triangle is not the only type of triangle that exists in technical analysis (TA). Two other common variants are the ascending triangle and the descending triangle, which occur when one of the trend lines is parallel to the time axis. As the names of these patterns suggest, they relate to consolidation in an upward and downward direction, respectively. Here is the chart shared by the analyst, showing the Symmetrical Triangle that XRP is likely to trade within for many years before breaking out:

As shown in the chart above, XRP has nearly reached the peak of this long-term symmetrical triangle last year, meaning the possibility of a breakout is becoming likely. And indeed, with the price surge in the last few months of the year, this cryptocurrency has found a way to break out of the pattern. Generally, breakthroughs from triangle patterns are considered to have the same length as the height of the triangle itself. Based on the height of this symmetrical triangle, the potential price target could be around 15 dollars for the cryptocurrency. Of course, this target can only remain if the trajectory that XRP is currently pursuing is truly based on this Symmetrical Triangle. In the event that this pattern becomes the dominant one and this coin experiences a price surge to this level, it will see an increase of more than 500% from its current price.